[Archived] Rumour: Venky's To Sell?

[PAFELL]

The loan was at that level - or very close to it - when they took on the club.

The money to the Trustees [didn't they do well?] was around £25 million and paid for out of their funds.

The 'credit line'/mortgage/debt/whatever was already in existence. They just took it over.

It would be like buying a house, paying off the owners, taking on a mortgage because of debts attached to the property...and then being told you have to pay off the mortgage before you can put any furniture in.

Not trying to be flippant.

The same people who were running the club with debts the SAME as the current levels.

The only difference is the attitude of the bank.

Ok Nicko I'll ask the question you mentioned in another post

Is it not time somebody asked why the bank changed their view on the 'credit line' facility? Who put the boot in?

Do you know the answer to that question. If somebody has been acting underhand / sabotage. Who do you suspect? Or what is your opinion on the question you asked? This is not a dig by the way, just interested in your views.

[Eddie]

Might get my chance afterall...

[nicko]

Are there two loans nicko?

Nothing would surprise at the moment. It wasn't the way I was told it over the weekend. My understanding is that it is the original overdraft facility that had been transferred from the former owners to the new owners.

How would you run up so much 'new' debt in six months when you should also be receiving money from TV etc? It doesn't sit right.

[chaddyrovers]

The same people who were running the club with debts the SAME as the current levels.

The only difference is the attitude of the bank.

So, are you saying that the bank are very unhappy with all the changes behind the scenes at rovers and with John Williams and Tom Finn now gone. The bank are very uneasy with the current personel at the club and don't not trust the owners at all!!!

[watford-rover]

didnt venkys miss a payment when they was considering selling up a few weeks ago? therefore barclays then seized the jones money and demanded all the cash now. thats how i read it anyway.

[nicko]

Is it not time somebody asked why the bank changed their view on the 'credit line' facility? Who put the boot in?[/b]

Do you know the answer to that question. If somebody has been acting underhand / sabotage. Who do you suspect? Or what is your opinion on the question you asked? This is not a dig by the way, just interested in your views.

I have my suspicions, but I can't prove it.

The point is that the bank's attitude changed dramatically - and we have seen what happened after that.

The all-star shopping list was binned pretty fast and not because it was leaked in the Sunday People.

However Mrs D was not aware of the coming storm - surely - when she said 'two defenders and two strikers' around about the same time.

As of today you can't even push through a deal for a free agent or the long-awaited Mongongu deal...

[Taggart]

We need Barry White to step forth and deposit some money out of his back burner in to the club !

[JAL]

There are two loans, the existing overdraft taken over by venkys against venkys london as part of the sale to be paid off over the next 3 years.

A new £18m mortgage/overdraft taken out in January to be paid by 30th june and guaranteed by rovers assets (sky money, brockhall, players), this has now been called in to be paid not extended. There will still be the £18m existing trust overdraft to be paid back after all of this.

Good grief !

So the Phil Jones money only paid for the january transfers and loans, plus the clubs wages and other expenditures from January 2011 to June 2011.

FFS !

Shocked

[BangkokRover]

We need Barry White to step forth and deposit some money out of his back burner in to the club !

How about a charity concert?

[Ripleys love child]

So nicko is their not any chance of us being bought out?

[philipl]

The loan was at that level - or very close to it - when they took on the club.

The money to the Trustees [didn't they do well?] was around £25 million and paid for out of their funds.

The 'credit line'/mortgage/debt/whatever was already in existence. They just took it over.

It would be like buying a house, paying off the owners, taking on a mortgage because of debts attached to the property...and then being told you have to pay off the mortgage before you can put any furniture in.

Not trying to be flippant.

The same people who were running the club with debts the SAME as the current levels.

The only difference is the attitude of the bank.

Sorry Nicko your memory is playing tricks on you. You have have an email.

[chaddyrovers]

We need Barry White to step forth and deposit some money out of his back burner in to the club !

Not chance of that becasue Mrs D will stop him from doing that.

The best thing they can do is to selling us to somebody proper. I would like somebody like Lakshmi Mittal to buy rovers and run it proper with a Chairman being appoint and to run the club from Ewood Park/Brockhall.

I am hoping they sell after the Asia Trophy, so we have a chance of signing 4 or 5 players in before the transfer window.

[Veevs]

Way to many quotes out there now from Mrs D, Kean et al.. the latest official announcement on transfers backs up Phil and Nickos comments.

Did anyone read the other article about sponsors? another two weeks to wait.. So they plan to get shirts ready and in shops nationwide in under two weeks (the start of the season).. Has a club ever been that late in announcing sponsorship?

[tony gale's mic]

Nothing would surprise at the moment. It wasn't the way I was told it over the weekend. My understanding is that it is the original overdraft facility that had been transferred from the former owners to the new owners.

How would you run up so much 'new' debt in six months when you should also be receiving money from TV etc? It doesn't sit right.

How did we find the funds to sack Sam and his entourage (a few million), spend £5 million on January transfers, fund Roque's £90k a week wages for half a season, pay the sort of agent fees that Anderson etc commanded at Man City, and sign up players on improved contracts WITHOUT either taking out a big loan or putting in their own cash?

That's what we should be asking.

[1864roverite]

The same Mittal who is linked to QPR and just look at their transfer budgets with two massive wealthy backers !

[nicko]

So nicko is their not any chance of us being bought out?

It took you four years at least to find these people...so might be best not to drive them out just yet without a better alternative.

[Roost]

You have to give credit to Venkys on this.

We fans wanted to know:

UPDATE ON SPONSOR - Club statement released that this should hopefully be concluded within the next few weeks.

UPDATE ON TRANSFERS -Club statement released that we are actively looking for a striker and midfielder. However, will not pay over the odds. Also looking at long term plans, which points to the owners wanting to stay at the club.

UPDATE ON SALE OF THE CLUB - Statement released through the LET that they are not looking to sell.

We wanted answers and we seem to have got them. They are communicating with the fans slowly, but surely.

Patience.

Incredible post. Wake up lad!

[Wing Wizard Windy Miller]

Very sad times for the club. Even sadder when you consider that Balaji had the funds to settle any debts and give us a healthy kitty - potentially setting us up for years - but no, he'll only spunk it on a mega star. Nouveau riche @#/?.

FFS We can't even afford to sack Kean now.

[nicko]

How did we find the funds to sack Sam and his entourage (a few million), spend £5 million on January transfers, fund Roque's £90k a week wages for half a season, pay the sort of agent fees that Anderson etc commanded at Man City, and sign up players on improved contracts WITHOUT either taking out a big loan or putting in their own cash?

That's what we should be asking.

Sam's pay off was hefty. However the replacement staff will be on much less and his wages are off the payroll.

The fees paid in January would have been staggered. Surely.

The wages for Roque wouldn't have been. The agents fees are not as much as the scare stories.

The new contracts are a hike on the payroll, but not massive.

I don't think that adds up to a further £18 million of debt in six months. There would also have been the TV money - although that comes later in the summer as I recall.

Venky's said they were paying in £5 million a window. If they didn't, then some serious porkies have been told.

[Veevs]

Phillip sorry to post here but your message box is full for a change Wanted to ask you a quick question..

[67splitscreen]

Between them buying the club and taking out the additional loan, was there not a figure of circa 15m for the betterment of the club (according to Ms Deai) brought in. If I remember correctly it was detailed in the total cost of buying the club, it came out when being interviewed by one of the Indian TV companies.

Where did that go????.

[Rover & Out]

I remember reading the following link a few months back...

http://image.guardian.co.uk/sys-files/Guardian/documents/2011/05/18/sportscribddoc.pdf

Good summary of the financial position of all the Premiership clubs.

[2PAC 4 Blackburn]

So it looks like Venkys have not told the truth somewhere along the lines? Never!!!!

[chaddyrovers]

There is a fans forum meeting tonight with Rovers.

I bet that will be interest to hear what is said about the latest story.

[deftangel]

The loan was at that level - or very close to it - when they took on the club.

The money to the Trustees [didn't they do well?] was around £25 million and paid for out of their funds.

The 'credit line'/mortgage/debt/whatever was already in existence. They just took it over.

How definitive are you on that Nicko? My understanding reading the thread concerned was that this was a new facility over and above the £16m or so of bank debt that was transferred to the holding company? I'm by no means an expert but that is the general impression I gleaned from the thread.